How much should Tiffany's dad invest in a savings account today, to be able to pay for Tiffany's rent for the next three years, if the rent is $500, payable at the beginning of each month? The savings account earns 3.45% compounded monthly.

2 Calculate the accumulated amount of end-of-month payments of $7,000 made at 4.86% compounded quarterly for 6 years.